India’s crude oil imports from Gulf countries have recovered to nearly pre-crisis levels, overtaking supplies from Russia in November as shipping through the Strait of Hormuz improves, according to a report by Aaj Tak Business citing Kpler data through Bloomberg.
India received an average of 2.1 million barrels of crude oil a day through the Strait of Hormuz in November so far, the report said. That is close to the 2.8 million barrels a day recorded in February, before the disruption linked to the Iran-US conflict. In April, flows through the strategic waterway had fallen to 247,000 barrels a day.
The Strait of Hormuz is a major route for global oil and gas shipments. The report said disruption to the passage affected energy-importing countries including India, Pakistan, Bangladesh and South Korea. India also experienced an increase in LPG shortages during the disruption, although its broader exposure was moderated by the diversification of crude supply sources.
Supply through the route has gradually improved, with Saudi Arabia, the United Arab Emirates, Iraq and Kuwait increasing exports, according to the report. Combined oil exports from the four producers rose to 15.53 million barrels per day in October, approaching their level at the beginning of the year.
The recovery has also been supported by ship-to-ship transfers outside the Strait of Hormuz, which enabled tankers to move crude through alternative maritime arrangements. The report did not provide details of the specific companies or vessels involved in those transfers.
Kpler data cited in the report showed that Gulf countries were supplying India with about 300,000 barrels per day more crude than Russia. Russian shipments to India had declined to 1.8 million barrels per day. The report attributed the shift partly to pricing and transport costs, with longer distances and higher freight expenses affecting the economics of Russian crude. It also said attacks on Russia’s energy infrastructure had affected the country’s oil exports.
The change is significant for India because the country imports about 85% of its crude oil requirement, according to the report. Changes in the origin and cost of imported oil can influence the national import bill and expose the economy to movements in international crude prices. For households and urban businesses, energy supply conditions also affect transport, cooking fuel availability and operating costs, although the report did not quantify the effect on retail prices.
The report said Brent crude was trading at about $92 per barrel, while West Texas Intermediate was around $85 per barrel and Murban crude near $93 per barrel. These prices were cited as part of the report’s assessment of the international market, but no separate price date or benchmark source was provided.
The latest import pattern indicates that India’s crude sourcing has moved back towards Gulf producers as the Hormuz route becomes more active. The next key indicators will be whether the recovery is sustained in subsequent monthly data and whether Russian shipments remain below Gulf supplies.
